I spray them with pledge furniture polish = dry lube .
Two of the sellers on ebay, one who sold me a super niice looking Penn and the other sold me a super nice looking Lew's Speed Stick from the 70's, finally 'fessed up after repeated inquiries that all they did to keep their reels or rods looking so good was to spray a little Pledge on a lint free cloth and wipe them down every now and then.